# Robustness: OECD/Non-OECD and Excluding Financial Centers

| Variable | capital_intensity: Full | capital_intensity: OECD | capital_intensity: Non-OECD | capital_intensity: Excl. FC | labor_productivity: Full | labor_productivity: OECD | labor_productivity: Non-OECD | labor_productivity: Excl. FC | capital_per_worker: Full | capital_per_worker: OECD | capital_per_worker: Non-OECD | capital_per_worker: Excl. FC | trade: Full | trade: OECD | trade: Non-OECD | trade: Excl. FC |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | 32.3043*** | 26.4582 | 37.0486** | 31.2699** | 8074.7470 | -21427.1984 | -5905.7807 | 6235.0697 | 0.0957** | -0.4051*** | -0.0408 | 0.1166*** | 95.1476** | -275.0157*** | 156.4617*** | 82.8536** |
| | (12.2434) | (20.7765) | (15.5989) | (12.5774) | (5918.7870) | (22320.3285) | (6132.5194) | (5482.2909) | (0.0451) | (0.1423) | (0.0496) | (0.0441) | (41.0924) | (90.1285) | (48.5916) | (39.2544) |
| Z_2 | -3.7210** | -2.1137 | -4.4793* | -3.5870* | 337.9484 | 2386.6341 | 2692.3974*** | 583.0321 | -0.0058 | 0.0397** | 0.0213*** | -0.0094 | -14.0199** | 33.8703*** | -21.2721*** | -11.7861** |
| | (1.8303) | (2.8096) | (2.3780) | (1.8798) | (883.1289) | (3045.7221) | (924.8592) | (818.1856) | (0.0069) | (0.0196) | (0.0077) | (0.0067) | (6.1359) | (12.2917) | (7.3729) | (5.8695) |
| Z_3 | 0.1193 | 0.0389 | 0.1514 | 0.1147 | -21.8212 | -37.1453 | -136.1631*** | -34.8594 | 0.0002 | -0.0008 | -0.0012*** | 0.0004 | 0.6500** | -0.9911** | 0.9079*** | 0.5167** |
| | (0.0743) | (0.1059) | (0.0983) | (0.0763) | (36.3689) | (116.7782) | (38.5711) | (33.7108) | (0.0003) | (0.0008) | (0.0003) | (0.0003) | (0.2527) | (0.4717) | (0.3078) | (0.2410) |
| fiscal_bal_gdp | -0.0532*** | 0.1639*** | -0.0864*** | -0.0604*** | 60.8302*** | 152.5838*** | 49.2259*** | 54.9042*** | -0.0001*** | -0.0008*** | -0.0001 | -0.0001*** | 0.3590*** | 0.5031*** | 0.3250*** | 0.3583*** |
| | (0.0173) | (0.0263) | (0.0208) | (0.0177) | (5.2360) | (17.6206) | (5.3207) | (4.8515) | (0.0000) | (0.0001) | (0.0000) | (0.0000) | (0.0369) | (0.0737) | (0.0432) | (0.0364) |
| nfa_gdp_lag | 0.1801 | 1.0847*** | 0.0886 | 0.2338 | 121.3848** | 738.9088*** | 57.6668 | 65.4836 | -0.0007* | -0.0047*** | 0.0000 | -0.0007** | -0.6622* | -2.5582*** | -0.3955 | -0.9877*** |
| | (0.1578) | (0.2628) | (0.1875) | (0.1629) | (54.4101) | (180.8235) | (55.2192) | (50.6182) | (0.0004) | (0.0012) | (0.0004) | (0.0004) | (0.3756) | (0.7804) | (0.4346) | (0.3700) |
| rgdp_growth | 0.0778*** | 0.1629*** | 0.0689*** | 0.0804*** | 59.3720*** | 146.0756*** | 53.2025*** | 55.8768*** | -0.0001** | -0.0004*** | -0.0000 | -0.0000** | 0.1301*** | 0.3510*** | 0.1073*** | 0.1239*** |
| | (0.0097) | (0.0171) | (0.0115) | (0.0099) | (2.7908) | (10.7964) | (2.7976) | (2.5792) | (0.0000) | (0.0001) | (0.0000) | (0.0000) | (0.0210) | (0.0458) | (0.0242) | (0.0206) |
| kaopen | -0.1114 | -0.4827*** | -0.0334 | -0.1052 | 228.6801*** | 340.3335** | 155.4451** | 216.5517*** | 0.0018*** | 0.0047*** | 0.0010** | 0.0016*** | 1.1253*** | 0.0691 | 1.6923*** | 1.0966*** |
| | (0.1630) | (0.1771) | (0.2098) | (0.1669) | (63.3162) | (144.6577) | (68.0725) | (58.3260) | (0.0004) | (0.0009) | (0.0005) | (0.0004) | (0.4316) | (0.5884) | (0.5374) | (0.4200) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 4671 | 1301 | 3370 | 4451 | 5074 | 1161 | 3913 | 4881 | 4509 | 1153 | 3356 | 4313 | 4745 | 1301 | 3444 | 4525 |
| R² | 0.0872 | 0.2536 | 0.0876 | 0.0860 | 0.4481 | 0.2793 | 0.3009 | 0.4347 | 0.4066 | 0.3969 | 0.2457 | 0.3769 | -0.0955 | -0.4179 | 0.1651 | -0.0959 |
| Countries | 159 | 37 | 122 | 153 | 171 | 37 | 134 | 165 | 163 | 37 | 126 | 157 | 161 | 37 | 124 | 155 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*